How to Differentiate Yourself as a 401k Advisor
Looking for ways to differentiate yourself as a 401k advisor to make it easier to compete for (and win) new business?
In this article I’m sharing a cliff-notes version of a full-length training on DIFFERENTIATION – how to be different and not sound like everyone else.
Access the Full Training on This Topic
Here’s a link to access the Free 3-Part Training Titled: The Secrets to Closing More Business and Scaling Your 401k Practice and if you click the link and register, you’ll have instant access to four full-length training videos. Each video is about 20 to 30 minutes long. They are meat and potatoes 😉 . They are filled with information that’s going to help you. Plus, each video has a follow-along workbook, worksheets, free templates, and more.
But in this article, let me give you the cliff-notes version of that first lesson.
The Winning Pitchbook Formula as a Foundation for Differentiating Yourself
I think one of the easiest ways to explain how to differentiate yourself is by taking a look at your pitchbook. And when I think of a pitchbook or a finals presentation, the formula that I’ve put together for how you do that is really the formula for how to have more effective sales conversations.
Here are the five essential pitchbook elements, that when crafted properly, will help you differentiate yourself as a 401k advisor.
ELEMENT ONE – Their Needs
It starts with the first step identifying their needs. Once you have that down. Everything flows from there. You never want to lead with you. You always want to lead with them and what it is that they’re looking for, what challenges they’ve identified, what issues you might be able to identify, the biggest challenges or issues that you can solve for them, first.
ELEMENT TWO – Your Service Model
So then the second part is explain your service model and your service model really should be set up in a way that builds authority and credibility, so it’s no longer a commodity. Everyone is selling the same products and services. But you package it and explain it and take them through that experience of being a client of yours is where there’s value – where they’re going to see you as a credible and trustworthy source (or somebody that’s doing what everybody else is doing if it’s not properly constructed).
Then you want to explain the baseline services that you offer and also explain what else you offer in line to those services (how you deliver those services in a way that’s above and beyond what the typical advisor might offer). When you do this, it helps to set the buying criteria. So, when you list out the services that they should get on their plan (from any advisor they work with), along with the added services you offer, if somebody comes in and doesn’t have at least the baseline services, it automatically eliminates them from the equation.
I go into this in a lot more detail with examples in the free training series so be sure to check that out. But basically the key here is to be able to articulate what you’re delivering in a way that shows that you have a valuable process they need, and it helps to eliminate all the other advisors as a possible option.
ELEMENT THREE – Your Unique Advantage
The third element in the Winning Pitchbook Formula (or really you could call it the formula for how to have more effective sales conversations), is explaining your unique advantage.
The key here is to really showcase your expertise and help them see why they should hire you. This is your opportunity to talk about you.
What trust, authority, credibility builders can you think of to include. (Download “9 Ways to Build Authority, Trust, & Credibility Online” inside the Free Resource Library if you want examples and ideas.)
- What memberships do you have?
- Published works?
- Logos of client?
- Case studies?
- Your company mission (what you believe)?
Items like those would be included in this section.
ELEMENT FOUR – Next Steps
The fourth element is “next steps.” You want to make sure and give clear next steps and explain to them (visually if possible), what it would be like if they hired you. What should they expect during the first three months, six months, twelve months. When plan sponsors see that road outlined, what working with you entails, they’re more likely to believe that you can actually deliver what it is that you’re selling and that the process is going to be easy and not painful.
ELEMENT FIVE – Agreements
The final part of the Winning Pitchbook Formula is to have all of your agreements ready. Provide a copy of all required documents disclosure, and agreements. Have everything printed and ready for them to sign. And that way, as they go back and reevaluate and review the presentations that they heard, when they make a decision, (if the decision is to hire you), they’re not waiting on you to provide them with more information. They already have all of the information and can simply sign and return it to you.
The key in this last step is to be prepared. Provide any forms for them to look over as they’re deciding . This expedites the process and makes hiring you as simple as possible – simplicity is key.
So if you go to https://www.401kbestpracticelab.com/free-training-workshop you will find a much more comprehensive video covering this topic.
There you can also download the actual pitchbook formula, and a copy of the winning pitchbook. And there’s a bonus PDF in there too with some DO’s and DON’Ts – some important things for you to be aware of as you’re building out a finals presentation that’s going to set you apart and differentiate you from other advisors.
Listen to the Podcast episode of this topic here.
Or watch the video on YouTube here (coming soon).